How do I calculate the amount of interest owed on a small claims court judgment?

In order to calculate the amount of interest owed on a small claims court judgment in Florida, you’ll need to know the interest rate set by the court and the date the judgment was issued. In Florida, the interest rate is set at 10 percent for all judgments issued after August 6th, 2019. If the judgment was issued before August 6th, 2019, the interest rate is the prime rate set by the Federal Reserve, plus 5 percent or the statutory rate, whichever is less. The statutory rate for most consumer claims is 5 percent. To calculate the amount of interest, you’ll need to know the amount of the judgment and the length of time it has been outstanding. The formula for calculating interest is: (Principal X Interest Rate X Number of Days Outstanding) / 365 If the judgment was issued before August 6th, 2019, the interest rate changes on a monthly basis, so you’ll need to refer to the Federal Reserve’s website for the correct rate. For example, let’s say the judgment was for $500 and it was issued one year ago. Using the formula above, the amount of interest would be calculated as follows: Interest = (500 X 0.1 X 365) / 365 = $50 This means that the total amount owed on the judgment would be $550. It’s important to note that interest on judgments is only collected once the judgment is paid in full. So, if a payment plan is set up for the judgment, you’ll only be charged interest on the outstanding balance.

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How do I calculate the amount of interest owed on a small claims court judgment?

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